Save Money

          I can guess why are you reading this post. It’s because you are looking for some tips on how to save money, right? Saving money could be the hardest struggle that you must endure for days, months or a year. But if you really are up into something big in the future, then you must act now, you must start SAVING. But how can you save some penny if you are the breadwinner of your family, just like me? You might think it’s really hard. But think again. If you’ll not save for yourself, then what will happen when you lost your bread and butter job? You will end up devastated for sure. But if you have some savings, then you’ll have other options like setting up your small business or investing your money somewhere else. Well, first things first and that is SAVING. Kindly identify your monthly expenses for 6 months or a year, then start putting money for your EMERGENCY FUND ( 6mos/1yr of monthly expenses).

To be able to save, you must simply follow this formula: INCOME – SAVINGS = EXPENSES. For some generations now, we’re used to: INCOME – EXPENSES = SAVINGS. Now, closely examine  these two formulas.Do you see the big difference? The bottom-line for the first and effective formula is this: Pay yourself first!!! For the second formula, let me ask you this, “ how sure are you that you’ll have excess money after allocating funds for your expenses”?

You may try these:

• Pay yourself first -  My payroll account is at BPI. For how many years that I’ve been receiving my salary, I wasn’t able to allocate some funds for emergency purposes. I regretted those years that passed without savings. Then I started searching for ways on how to be able to save. Then our VP-Finance mentioned to me that I can open a BPI Direct-Save up. This account doesn’t come with an ATM card and it has life insurance policy from Phil-AM. You can call any BPI branches to inquire on this product. I hope you’ll like the idea.
• Open a Piggy-bank @ home – For short term goals, you can use a piggy bank. Start depositing 5 and 10 peso coin in your piggy bank. You may utilize those empty cans of Pringles or empty bottles of drinking water. I spend normally everyday but I know now how to distinguish my wants from my needs, but at the end of the day, deposit the coins in your piggy bank. You may want to open separate piggy-banks for 1peso coins, 5peso coins and 10peso coins. Start now!
• Minimize your debts -  you can’t realize saving if you have lots of debts. Please settle it immediately from smallest to biggest amount of owed money.

Conclusions: There are so many many ways available online on how to save more money. Listed above tips worked for me. Maybe it will work for anyone else.


Updates: May 3, 2016

1. BPI Save Up- I closed my account, not because I hate Trillanes for violating Duterte's privacy but because of high charges if you can't maintain your ADB. Plus, the money is not so safe from my own hands because it's very easy to transfer to/from BPI Save up Account.
2. Piggy Bank - I still have one right now. My previous piggy bank allowed me to buy a premium queen sized mattress.
3. Minimizing Debts - easier said than done. Since my last writing, I just incurred more debts to cover living allowances and other expenses. I downloaded Expense Manager to record my daily expenses and income and infairness, it's doing good. Only my income is not doing good. Every month, I have a negative balance. I may sound negative to you and is not a good example, but hopefully you will learn from my mistakes. Don't borrow money to pay debts. And if you have the means to double your income, do it.
4. The Jar System - I bought jars to separate income to expenses, savings, investment, giving, etc. At first I was doing well, now, the jars are empty.

So my best advise, avoid debts if you can. Cash Basis only...